Brad Gerstner

Yeah, so we're recording this right after Trump's presentation. I think you and I both watched it and then we jumped on the pod. You've been talking about this. It's obviously been choreographed that this was coming. And you've been saying for a very long time,

Yeah, so we're recording this right after Trump's presentation. I think you and I both watched it and then we jumped on the pod. You've been talking about this. It's obviously been choreographed that this was coming. And you've been saying for a very long time,

that Trump and his team are very serious about this rather than the argument that, oh, it's just a means to an end and a way to get a negotiation started. You have made the point that you believe that they believe this is actually where we need to take the economy. And as such, you've been conservative and worried about where this would go.

that Trump and his team are very serious about this rather than the argument that, oh, it's just a means to an end and a way to get a negotiation started. You have made the point that you believe that they believe this is actually where we need to take the economy. And as such, you've been conservative and worried about where this would go.

that Trump and his team are very serious about this rather than the argument that, oh, it's just a means to an end and a way to get a negotiation started. You have made the point that you believe that they believe this is actually where we need to take the economy. And as such, you've been conservative and worried about where this would go.

You gave a presentation last week on how to think about this. What did you talk about there? I think it was at the J.P. Morgan Tech Conference.

You gave a presentation last week on how to think about this. What did you talk about there? I think it was at the J.P. Morgan Tech Conference.

You gave a presentation last week on how to think about this. What did you talk about there? I think it was at the J.P. Morgan Tech Conference.

Right. And one of the pieces that I... witnessed, and I think everybody else did as well, maybe you have more data on it, is when they said reciprocal tariff, they kind of redefined what a tariff is for the reciprocal calculation. And they are including other, whatever, I don't know what else goes in there. Maybe you know exactly what fills this in.

Right. And one of the pieces that I... witnessed, and I think everybody else did as well, maybe you have more data on it, is when they said reciprocal tariff, they kind of redefined what a tariff is for the reciprocal calculation. And they are including other, whatever, I don't know what else goes in there. Maybe you know exactly what fills this in.

Right. And one of the pieces that I... witnessed, and I think everybody else did as well, maybe you have more data on it, is when they said reciprocal tariff, they kind of redefined what a tariff is for the reciprocal calculation. And they are including other, whatever, I don't know what else goes in there. Maybe you know exactly what fills this in.

But basically, the Trump administration is calculating an effective tariff, if you will, for each and every other country, which may not be the explicit tariff.

But basically, the Trump administration is calculating an effective tariff, if you will, for each and every other country, which may not be the explicit tariff.

But basically, the Trump administration is calculating an effective tariff, if you will, for each and every other country, which may not be the explicit tariff.

Well, yeah. I mean, at a high level, I'm a believer in open markets, free trade, and comparative advantage. Yeah. That's been studied for a very long time. There are very solid mathematical arguments why if you pull up the trade walls between multiple countries that you're going to hurt the efficiency of both of them.

Well, yeah. I mean, at a high level, I'm a believer in open markets, free trade, and comparative advantage. Yeah. That's been studied for a very long time. There are very solid mathematical arguments why if you pull up the trade walls between multiple countries that you're going to hurt the efficiency of both of them.

Well, yeah. I mean, at a high level, I'm a believer in open markets, free trade, and comparative advantage. Yeah. That's been studied for a very long time. There are very solid mathematical arguments why if you pull up the trade walls between multiple countries that you're going to hurt the efficiency of both of them.

In the long run, and I, you know, at least from a theoretical perspective, I'm a believer in that. I think there's another issue for the markets and for the CEOs, which has to do with both the slow pace at which they could realistically respond to this, and then the amount of ambiguity that's been out there.

In the long run, and I, you know, at least from a theoretical perspective, I'm a believer in that. I think there's another issue for the markets and for the CEOs, which has to do with both the slow pace at which they could realistically respond to this, and then the amount of ambiguity that's been out there.

In the long run, and I, you know, at least from a theoretical perspective, I'm a believer in that. I think there's another issue for the markets and for the CEOs, which has to do with both the slow pace at which they could realistically respond to this, and then the amount of ambiguity that's been out there.